Доллар США будет поддерживаться благодаря увеличению ставки ФРС, более высоким темпам роста ВВП и новой политике Трампа в этом году, но валюту ждет "много зигзагов" по пути наверх, говорит Грег Андерсон, глава отдела стратегии на рынке FX в Bank of Montreal (BMO). Прогнозы эксперт читать далее…
WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate the following individual to a key Administration post: Patrick K. Nakamura – Member, Federal Mine Safety and Health Review Commission President Obama also announced his intent to appoint the following individuals to key Administration posts: Jeri L. Williams – Member, Medal of Valor Review Board Phil Fuentes – Member, President’s Advisory Commission on Educational Excellence for Hispanics Charles H. Ramsey – Member, National Infrastructure Advisory Council Dan Tangherlini – Member, National Infrastructure Advisory Council Thelma Duggin – Member, Board of Trustees of the Woodrow Wilson International Center for Scholars David C. Jacobson – Member, Board of Trustees of the Woodrow Wilson International Center for Scholars Tom A. Bernstein – Member, United States Holocaust Memorial Council David Marchick – Member, United States Holocaust Memorial Council Michael Polsky -- Member, United States Holocaust Memorial Council Richard Price -- Member, United States Holocaust Memorial Council Ronald A. Ratner -- Member, United States Holocaust Memorial Council President Obama said, “I am proud that such experienced and committed individuals have agreed to serve the American people in these important roles. I look forward to working with them.” President Obama announced his intent to nominate the following individual to a key Administration post: Patrick K. Nakamura, Nominee for Member, Federal Mine Safety and Health Review Commission Patrick K. Nakamura was confirmed as a member of the Federal Mine Safety and Health Review Commission (FMSHRC) in 2010. Prior to his service on the FMSHRC, Mr. Nakamura was a Partner at the law firm formerly known as Nakamura, Quinn & Walls, LLP from 1989 to 2010. He also served as a Partner at the law firm Stropp & Nakamura from 1984 to 1989 and was an Associate at the law firm Cooper, Mitch & Crawford from 1983 to 1984. Prior to entering private practice, Mr. Nakamura was an attorney with Legal Services Corporation of Alabama where he provided legal services to indigent clients from 1978 to 1982. Mr. Nakamura received a B.A. from the University of California, Berkeley and a J.D. from the Georgetown University Law Center. President Obama announced his intent to appoint the following individuals to key Administration posts: Jeri L. Williams, Appointee for Member, Medal of Valor Review Board Jeri L. Williams is the Chief of Police of the Phoenix Police Department, a position she has held since October 2016. Chief Williams previously served as Chief of Police at the Oxnard Police Department from 2011 to early 2016. She also served as Interim Fire Chief at the Oxnard Fire Department from 2015 to 2016. Prior to becoming the Police Chief in Oxnard, Chief Williams spent 22 years at the Phoenix Police Department, starting as a Patrol Officer in 1989, rising through the ranks to become the Assistant Chief of the Southern Division before leaving the force in 2011. Chief Williams received a B.A. from Arizona State University and an M.Ed. from Northern Arizona University. Phil Fuentes, Appointee for Member, President’s Advisory Commission on Educational Excellence for Hispanics Phil Fuentes has been an owner and operator of McDonald’s franchises since 1989. Since 2013, Mr. Fuentes has served as a Director of the Urban Partnership Bank in Chicago, and he has also served on the Board of Directors of Illinois’s Regional Transportation Authority since 2008. From 1999 to 2010, Mr. Fuentes served as Director of Clarity Communication Systems, Inc. Mr. Fuentes also served as President of Array Technical Services, Inc. from 1985 to 1989. He is a member of the Coca-Cola Hispanic Advisory Council. Mr. Fuentes received a B.A. from Northeastern Illinois University and an M.B.A. from Rosary College. Charles H. Ramsey, Appointee for Member, National Infrastructure Advisory Council Charles H. Ramsey is the Deputy Monitor for the Cleveland Police Department, a position he has held since March 2016. Since January 2016, Mr. Ramsey has served as a consultant on policing and crime prevention and as a Distinguished Visiting Fellow at Drexel University’s Lindy Institute for Urban Innovation. From 2008 to 2016, he was the Commissioner of the Philadelphia Police Department. During that tenure, he was appointed Co-Chair of the President’s Task Force on 21st Century Policing, which he headed from 2014 to 2015. In addition, Mr. Ramsey was President of the Major Cities Chiefs Association from 2011 to 2015 and President of the Police Executive Research Forum from 2010 to 2015. From 1998 to 2007, he was Chief of Police for the Washington, D.C. Metropolitan Police Department. He began his career in law enforcement in 1968 as a police cadet with the Chicago Police Department, and was eventually promoted to Deputy Superintendent in 1994. Mr. Ramsey received a B.S. and an M.S. from Lewis University. Dan Tangherlini, Appointee for Member, National Infrastructure Advisory Council Dan Tangherlini is Founder and President of Seamless Docs Federal, positions he has held since April 2016. Mr. Tangherlini was Chief Operating Officer at Artemis Real Estate Partners from 2015 to 2016. He previously served as Administrator of the General Services Administration (GSA) from 2013 to 2015. Mr. Tangherlini was Assistant Secretary for Management, Chief Financial Officer, and Chief Performance Officer at the Department of the Treasury from 2009 to 2013 and was designated from 2012 to 2013 to serve as Acting Administrator of GSA. Prior to holding these positions, Mr. Tangherlini worked for the District of Columbia government as City Administrator and Deputy Mayor from 2007 to 2009, Interim General Manager of the Washington Metropolitan Area Transit Authority in 2006, Director of the D.C. Department of Transportation from 2000 to 2006, and Chief Financial Officer of the D.C. Metropolitan Police Department from 1998 to 2000. Mr. Tangherlini served in the Office of Policy at the Department of Transportation from 1997 to 1998. He began his career as a Presidential Management Fellow, serving in the Office of Management and Budget from 1991 to 1997. Mr. Tangherlini received a B.A. and an M.P.P. from the University of Chicago and an M.B.A. from the Wharton School of Business at the University of Pennsylvania. Thelma Duggin, Appointee for Member, Board of Trustees of the Woodrow Wilson International Center for Scholars Thelma Duggin is President of the AnBryce Foundation, a position she has held since 2010. Ms. Duggin was a Senior Vice President at UnitedHealth Group from 2002 to 2010 and President of AmeriChoice of New York and AmeriChoice of New Jersey, Inc. from 1999 to 2002. She was Coordinator of Minority Affairs to the Secretary of Transportation from 1983 to 1985. Ms. Duggin worked at the White House as Special Assistant to the President and Director of the 50 States Project for Women from 1982 to 1983, and as Deputy Special Assistant to the President from 1981 to 1982. She serves on the Board of Directors and Executive Committee of the National Symphony Orchestra and the Board of Trustees of The Aspen Institute. Ms. Duggin received a B.S. from Edgewood College. David C. Jacobson, Appointee for Member, Board of Trustees of the Woodrow Wilson International Center for Scholars David C. Jacobson is Vice Chair of the Bank of Montreal Financial Group, a position he has held since 2013. Previously, Mr. Jacobson served as the United States Ambassador to Canada from 2009 to 2013 and as Special Assistant to the President for Presidential Personnel at The White House in 2009. He was an Attorney and Partner at Sonnenschein, Nath & Rosenthal L.L.P. from 1978 to 2008. Mr. Jacobson is a member of the boards of various organizations, including the Chicago Council on Global Affairs, the Museum of Contemporary Art Chicago, the University of Chicago Harris School of Public Policy, and the Canada Institute at the Woodrow Wilson Center. Mr. Jacobson received a B.A. from Johns Hopkins University and a J.D. from Georgetown University Law Center. Tom A. Bernstein, Appointee for Member, United States Holocaust Memorial Council Tom A. Bernstein is President and Co-Founder of Chelsea Piers, L.P, where he has worked since 1992. He is also Co-Chairman of Chelsea Piers Connecticut, which he opened in 2012. Mr. Bernstein served as a Principal of Silver Screen Management, Inc. from 1983 to 1998. Mr. Bernstein was an attorney with Paul, Weiss, Rifkind, Wharton & Garrison from 1978 to 1983 and served as a Law Clerk to the Honorable Jack B. Weinstein of the U.S. District Court for the Eastern District of New York from 1977 to 1978. He serves as Chair of the Partnership for Public Service, Vice Chair of the Board of Human Rights First, and is a member of the Yale University Council and the Board of Directors of City Year New York. Mr. Bernstein was first appointed to the United States Holocaust Memorial Council in 2002, and has served as its Chairperson since 2010. Mr. Bernstein received a B.A. from Yale College and a J.D. from Yale Law School. David Marchick, Appointee for Member, United States Holocaust Memorial Council David Marchick is Managing Director and Global Head of External Affairs at the Carlyle Group, positions he has held since 2007. Mr. Marchick was an Attorney, Partner, and Vice Chair at Covington & Burling from 2001 to 2007. He previously served in the Clinton Administration as Deputy Assistant Secretary for Trade Policy and Transportation Affairs at the Department of State, Principal Deputy Assistant for Trade Development at the Department of Commerce, and Deputy Director of Presidential Correspondence at the White House. Mr. Marchick serves as the Chairman of the Board of the Robert Toigo Foundation and is a member of both the Council on Foreign Relations and the Committee on Conscience of the United States Holocaust Memorial Museum. Mr. Marchick received a B.A. from the University of California, San Diego, an M.A. from the University of Texas, Austin, and a J.D. from the George Washington University Law School. Michael Polsky, Appointee for Member, United States Holocaust Memorial Council Michael Polsky is Founder, President, and Chief Executive Officer of Invenergy, positions he has held since 2001. Mr. Polsky founded SkyGen Energy LLC and co-founded Indeck Energy Services Inc., and he previously held positions at Fluor, Brown Boveri Turbomachinery, and Bechtel Power Corporation. He serves on the boards of the University of Chicago, World Resources Institute, and the U.S. Olympic and Paralympic Foundation. Mr. Polsky is also a member of the American Society of Mechanical Engineers and the Economic Club of Chicago. Mr. Polsky received an M.S.M.E. from Kiev Polytechnic Institute and an M.B.A. from the University of Chicago. Richard Price, Appointee for Member, United States Holocaust Memorial Council Richard Price is Chairman and Chief Executive Officer of Mesirow Financial, positions he has held since 2011. Mr. Price has held various positions at Mesirow Financial since 1972, including President, Chief Operating Officer, and Vice Chairman. He has been a member of the Board of Directors of Mesirow Financial since 1987. Mr. Price is a member of the Board of Directors of World Business Chicago and The Executives’ Club of Chicago, and is Vice Chairman of the Chicagoland Chamber of Commerce. He also serves on the Board of Trustees of Rush University Medical Center, The Field Museum, and Ravinia Festival Association, as well as the Board of Directors of The Private Bank, Get In Chicago, and Big Shoulders Fund. Mr. Price was first appointed to the United States Holocaust Memorial Council in 2012. Ronald A. Ratner, Appointee for Member, United States Holocaust Memorial Council Ronald A. Ratner is Executive Vice President of Development at Forest City Realty Trust, a position he has held since 2016. Mr. Ratner has held numerous positions at Forest City since 1975, including President and Chief Executive Officer of Forest City Residential Group. He serves on the boards of the Cleveland Clinic and Enterprise Community Partners and previously served on the boards of The Ohio State University and Brandeis University. Mr. Ratner was first appointed to the United States Holocaust Memorial Council in 2010. Mr. Ratner received a B.A. from Brandeis University and an M.Arch. from the University of California, Los Angeles.
Despite speculation over the past year that Canada may join Japan and Europe in the NIRP club and launch negative interest rates, so far the BOC has stood its ground. However, starting on December 22, for the broker dealer clients of one of Canada's most reputable financial institutions, BMO Nesbitt Burns, it will be as if the Canadian bank has cut its deposit rate on most currencies, to match the deposit rate of Switzerland. In an internal letter sent today from management, the bank explains that its current policy with respect to cash balances of foreign currencies held in client accounts – excluding U.S. dollars – has been that it "does not pay or charge clients interest on these balances." As a result, the bank writes, clients have traditionally tended not to hold non-U.S. dollar foreign currencies in a BMO Nesbitt Burns account for any extended period. However, the notice continues, "given the current global interest rate environment, which has extended much longer than anticipated, we have seen an increase in foreign currency cash reserves across accounts; indicating clients are, in fact, moving these funds into their BMO Nesbitt Burns account in order to avoid negative interest charges on cash holdings in other accounts they maintain." Welcome to the age of connected monetary vessels, where globally fungible money allows savers to bypass their own domestic "financial repression" and negative interest rates, by shifting their funds to offshore bank accounts. Or at least it did for clients using BMO Nesbitt Burns as a custodian of offshore money. Because as the bank adds, it has become necessary for the bank to update its current policy and selectively implement negative rates to avoid precisely this global interconnection. To wit: Effective December 22, 2016, we will begin charging clients a market-rate negative interest charge of 75 basis points on cash balances of all foreign currencies held in their account(s), excluding U.S. dollars. Interest is calculated on the average daily balance during the interest period. The first negative interest charge will cover the period of December 22, 2016 to January 21, 2017, and will be charged to all applicable client accounts on January 23, 2017. How long will BMO continue this unprecedented financial repression of its foreign clients? Simple: as long as NIRP in other nations forces funds to be parked in banks like the Bank of Montreal. This rate will be regularly reviewed to ensure it remains competitive and will continue until to be charged until such time as foreign interest rate policies negate the need to apply this charge to client accounts. Please note that negative monthly interest charges below $5.00 will not be charged to client accounts. What happens then? Well, if BMO depositors (of whom we wonder just what percentage are Chinese) take their money to another Canadian bank, that bank will promptly follow suit and implement a similar "negative rate" provision for foreign clients, until eventually every single bank, and not just in Canada, has a bifurcated deposit rate policy: one for account held in Canadian and US Dollars, and another for all other currencies, which will demand an annual fee of 0.75% for the privilege of holding their funds. What is BMO Nesbitt Burns' advice to advisors with clients that have any foreign, non-U.S. dollar foreign currencies on deposit? They are encouraged to contact these clients and advise them that they may wish to consider purchasing an alternative short-term investment denominated in the foreign currency, or another available product, as otherwise there is no evading the -0.75% fee.
Mitsubishi UFJ Financial Group, Inc. (MTU), slated to release results on Nov 14, has lost around 14% on the NYSE
Избрание президентом США Дональда Трампа, известного своими протекционистскими взглядами, сопряжено с определенными рисками для мировой торговли и экономики, однако его предвыборные обещания об увеличении инвестиций в инфраструктуру могут оказать поддержку производителям сырья, заявил экономист VTB Capital в Лондоне Нил Маккиннон.
Early in 2016, when oil prices were plunging and when US banks were careful to push up their loan loss reserves to exposed E&P loans, we noted something surprising: Canadian banks had barely taken any loss reserves to their exposure in the oil and gas sector. As and RBC report calculated at the time, if they used the same average reserve level as that applied by US banks, Canadian banks' current loss allowance excluding RBC would surge from $170MM to over $2.5 billion, resulting in a substantial hit to earnings, and potentially impairing the banks' ability to service dividends and future cash distributions. For months this discrepancy persisted even as oil remained well below last year's levels, leaving Canadian bank watchers stumped as to just how Canadian banks planned to pull this particular "Exxon" without suffering balance sheet impariment, until this morning when we may have gotten the answer how the local Canadian money centers "planned" to resolve this odd accounting gimmick. Today Bank of Montreal, perhaps the biggest violator of the loan loss reserve recongition, fell the most in two months after restating it restated its regulatory capital ratios for the first three quarters of the year. As Bloomberg first noticed, the shares slid 1.3% to C$84.72 in morning trade, the most intraday since July 27 and the worst performance in the eight-company S&P/TSX Composite Commercial Banks Index. The stock has gained 8.5 percent since Dec. 31. What was most notable about the restatement is that as one analyst calculated, the move was comparable to erasing C$1.3 billion ($1 billion) of excess capital at Canada’s fourth-largest lender. But before we get there, here is what happened: Bank of Montreal’s Basel III Common Equity Tier 1 ratio, an international measure of capital strength, was 10% for the third quarter, down from 10.5% for Q3, the company said Tuesday in a statement. The lender also restated its CET1 ratio for the first quarter, to 10 percent from 10.1 percent, and the second quarter, to 9.7 percent instead of 10 percent. Canaccord Genuity analyst Gabriel Dechaine quickly noticed the unexpected revision, and in a note to clientssaid that “this adjustment is tantamount to wiping out C$1.3 billion of excess capital for the bank," adding that the amount could have been used to buy back as many as 15 million shares or 2 percent of stock outstanding. “We can simply translate the elimination of C$1.3 billion of excess capital into forgone capital deployment upside." The revision means that Bank of Montreal’s regulatory strength now lags behind its domestic peers: Canadian Imperial Bank of Commerce, the country’s fifth-biggest lender, has the highest regulatory capital ratio, at 10.9 percent at the end of July, followed by Royal Bank of Canada, the nation’s largest lender, and No. 3-ranked Bank of Nova Scotia with 10.5 percent. Toronto-Dominion Bank, the second-biggest Canadian lender, has a regulatory capital ratio of 10.4 percent. However, if as we speculate the revision may have been prompted by the bank's unwillingness to account for souring bad loans, it is only a matter of time before Canada's other banks follow suit. As for BMO, the bank did not admit the actual reason for the restatement instead providing the following vague explanation: “We determined a need to amend our capital ratios and are correcting the record," according to spokesman Paul Gammal said. “There is no change to net income or shareholders’ equity and we are well capitalized."
Bank of Montreal (BMO) is seeing solid earnings estimate revision activity, and is a great company from a Zacks Industry Rank perspective.
Barclays' (BCS) ongoing restructuring and streamlining efforts have started bearing fruits, bringing down operating expenses.
The Toronto-Dominion Bank (TD) shares lost 1% since it announced the fiscal third-quarter 2016 (ended Jul 31) results on Thursday, before the opening bell.
Canadian Imperial (CM) inched up more than 1% on the NYSE following the release of its third-quarter fiscal 2016 earnings (ended Jul 31). Adjusted earnings per share came in at C$2.67, up from C$2.45 in the prior-year quarter.
Bank of Montreal (BMO) is looking especially impressive right now for momentum-oriented investors
Royal Bank of Canada (RY) reported third-quarter fiscal 2016 (ended Jul 31) net income of C$2.9 billion ($2.24 billion), up 17% from the prior-year quarter.
Voxeljet AG (VJET) is slated to report second-quarter 2016 results on Aug 11, after the closing bell.